Community Trust ScoreVerified
Bitcoin recovered 5.5% on Sunday after touching $62,029 on Bitfinex, a four-month low not seen since July. The rebound lifted the price to approximately $65,487, a level Blockstream CEO Adam Back highlighted in a post on X accompanied by the single-word caption “Bouncy.”
As of 14:37 UTC, Bitcoin traded at $64,913, -1.7% over 24 hours, with $54.3 billion in 24-hour volume.
Market Context and Recent Losses
The recent price action follows a steep decline in which Bitcoin lost 20% of its value over the past month. The asset is currently trading at about half of its all-time high of $126,000, a peak established in October 2025. Earlier in the month, the price had already slipped below its 200-day moving average, which sits near $73,000.
Volatility intensified on Nov. 13, when crypto exchanges liquidated $1.65 billion in positions within 24 hours, predominantly long bets. This event coincided with a broader outflow from exchange-traded products, as investors withdrew nearly $3 billion from U.S. spot Bitcoin ETFs over the preceding weeks.
External shocks have also weighed on sentiment. Binance reported a loss of $6.4 billion following a hack in October. Fundstrat managing partner Tom Lee attributed the recent drawdown to a rotation of capital toward mega-IPOs, noting that Anthropic is scheduled to begin trading on Nasdaq on Nov. 19.
Institutional Adoption and Price Targets
Despite the short-term turbulence, Adam Back maintains a long-term bullish stance. In an interview with CNBC on Nov. 12, Back stated that he expects Bitcoin to reach $1 million during the current cycle. “Personally I have a bet on Bitcoin to top a million by the end of the cycle, which is later in 2028,” Back said.
Back, who created the Hashcash proof-of-work scheme cited in Satoshi Nakamoto’s original Bitcoin whitepaper, was among the first individuals contacted by Nakamoto regarding the project. He argues that significant capital remains outside the cryptocurrency market. “We’re still 95% or more of that to come in the following years,” Back said, referring to capital managed by large asset managers, mutual funds, and model portfolios that has not yet entered Bitcoin.
Back describes Bitcoin as “better gold” due to its capped supply and simple verification process. He anticipates that banks and pension funds will drive the third wave of demand for the asset. Vanguard has already moved to accommodate this shift by allowing its clients to trade crypto ETFs.
“I think we’re in the early innings of a bull market cycle,” Back concluded, suggesting that the current volatility is part of a longer-term accumulation phase rather than a structural failure.
